some have cast his wisdom in doubt, but none have ever doubted his strengthpic.twitter.com/ZJ4EsCydb8
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sounds like the kind of evolutionary pressure that leads directly to a robust system of letters of credit
an interesting plot twist, fiat money was not initially well regulated and metal convertibility became unmanageable at some point that led to the creation of this act of parliament just about 100 years after the exchequer created the Bank of England https://en.wikipedia.org/wiki/Bank_Restriction_Act_1797 …
though now we're off topic because this is in the parliamentary era already and nobody then thought the monarch was the literal owner of everything in England. maybe that's the insight though? banking destroys monarchies.
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